It’s possible that you can be denied a renewal at the end of your mortgage period. It is sure a tough situation to maneuver – knowing that you will not have a home after the period expires. If you find yourself in this situation, there are alternatives that you can explore to get another mortgage renewal. Why Was Your Mortgage Renewal Denied? If you have never missed a mortgage payment, then your mortgage provider doesn’t have a valid reason not to approve another mortgage. If you stick with the same lending institution and don’t consider moving to another, then you might be paying higher monthly installments. Although the mortgage payments will be higher, your requalification and renewal are not going to be challenged, and the process is going to be smooth. The most important reason that most people get a rejection of mortgage renewal request is missed payments. Sometimes, in…

There are can be many obstacles to obtaining a commercial mortgage, whether you’re a startup or an established business looking to expand. Some of these obstacles you can influence but many are out of your control. For example, if the economy is performing poorly, then banks will be more reluctant to approve your application — especially if you don’t contribute a large down-payment. Other factors that are out of your hand as an applicant could be the bank’s risk assessments and the demand in your market. Get Educated On Commercial Mortgages A commercial mortgage can not only be used to buy a building but can also be used to offset the costs of a renovation or expansion. Before submitting a request for a loan, know the pros and cons. Knowing the terms of the commercial mortgage can help you make proper use of the loan and to create an appropriate…

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